7 Steps to Starting Your Own Business
7 Steps to Starting Your Own Business Step 1. Personal Evaluation Why do you want to start a business? Is it money, freedom, creativity or some other reason? Step 2. Analyze the Industry Who will buy your product or service? Who would be your competitors? How much money will you need to start? Step 3. Make it Legal Name you business. Register it. Get the proper business license and permits. Check into your insurance needs. Step 4. Write a Business Plan Define your strategy, tactics and specific activities for execution, including key dates, deadlines and budgets and cash flow. Step 5. Get Financed Most small businesses begin with private financing from credit cards, personal loans, help from the family etc. Step 6. Set Up Shop Find a location. Negotiate leases. Buy inventory. Get the phones installed. Have stationery printed. Hire staff. Set your prices. Step 7. Trial and Error Expect mistakes. Be open minded and creative. Adapt. Look fo...